This is a reissue of the Cowboy and Prancer from the 1950's. The Prancer is buckskin with four socks, blaze, gold breast collar and bridle with chain reins, and a black and gold hard plastic snap-on low grommet saddle with tapaderos. The saddle has a Breyer Made in China copyright stamp.
The Cowboy has a rifle, 2 handguns and a removable black cowboy hat. The Lucky Ranger and Cowboy are the same molds, have the same 'Howdy Doody' style face, dark brown hair, and this Cowboy has an updated and more detailed paint job. The reissued hat is black and has a Breyer copyright stamp; the rifle has 2 extra lines on the barrel; and, the two pistols have a diamond shape on the handle as well as more defined details like the barrel.
In 1998, there was a button made with this model on it. On the 1998 Retired List.
Side note: The saddles on these models can start to shrink (the glossy layer gets very gooey)... my personal opinion is to not keep this model in the box and not store the model with the saddle on it.